Funding for compulsory acquisition compensation
48.—(1) The undertaker must not exercise the powers conferred by the provisions referred to in paragraph (2) in relation to any Order land unless it has first put in place, following approval by the Secretary of State, either—
(a)a guarantee (and the amount of that guarantee) in respect of the liabilities of the undertaker to pay compensation pursuant to the provisions referred to in paragraph (2) in respect of the exercise of the relevant power in relation to that land; or
(b)an alternative form of security (and the amount of that security) in respect of the liabilities of the undertaker to pay compensation pursuant to the provisions referred to in paragraph (2).
(2) The provisions are—
(a)article 22 (compulsory acquisition of land);
(b)article 25 (compulsory acquisition of rights etc.);
(c)article 26 (private rights);
(d)article 28 (acquisition of subsoil or airspace only);
(e)article 30 (rights under or over streets);
(f)article 31 (temporary use of land for carrying out the authorised development);
(g)article 32 (temporary use of land for maintaining the authorised development); and
(h)article 33 (statutory undertakers).
(3) A guarantee or alternative form of security given in respect of the liabilities of the undertaker to pay compensation pursuant to the provisions referred to in paragraph (2) is to be treated as enforceable against the guarantor or person providing the alternative form of security by any person to whom such compensation is payable and must be in such a form as to be capable of enforcement by such a person.
(4) Nothing in this article requires a guarantee or alternative form of security to be in place for more than 15 years after the date on which the relevant power is exercised.